Investors are seeking more exposure to property funds that offer some level of specialisation, says Evan Robins of Old Mutual Investment Group. Property groups focused specifically on a single type of property or based in one geographical area tended to have management teams that could draw better returns from their real estate than those that were highly diversified, he said. Robins said there were only a few exceptions, with opportunities for new listed property vehicles lying more in specialised property types or geographies. Diversified property groups Redefine and Growthpoint were two such exceptions, having experienced exceptional growth in their share prices. "We like specialisation or focus because we like a management team to have real expertise and a competitive advantage in an area to extract maximum value there. "We don’t want to pay up for a fund that is a jack of all trades, but a master of none," he said. A number of real estate investment trusts (Reits) have over the...

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